The Kava Root Extract Global Market Report 2023, provides comprehensive information on the kava root extract market across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten year historic period – 2010-2021, and a ten year forecast period – 2023-2032.
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As per The Business Research Company’s Kava Root Extract Global Market Report 2023, the market size is expected to grow from $1.01 billion in 2022 to $1.18 billion in 2023 at a compound annual growth rate (CAGR) of 17.07%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The size of kava root extract market is expected to reach $2.12 billion in 2027 at a CAGR of 15.89%.
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The adoption of e-commerce platforms for kava products is one of the key trends gaining popularity in the kava root extract market. Companies operating in the kava root extract market are adopting online platforms for increased reach and to enhance their product offerings to sustain their position in the market. For instance, in April 2022, Fiji Kava Ltd., a Fiji-based company that specializes in the cultivation, processing, and distribution of kava products, introduced a new line of functional teas on Amazon USA, including Noble Calm Tea, Noble Sleep Tea, and Noble Wellness Tea. These teas are the first on the market to provide a full therapeutic dose of kava in each serving. The recent launch of the new range of functional teas by Fiji Kava Ltd. on Amazon USA is in strong alignment with the company’s strategic objective of expanding its presence in the US market. Similarly, in March 2022, Urban Outfitters Inc., a US-based multinational lifestyle retail corporation, partnered with Psychedelic Water Inc., a US-based manufacturer of functional beverages infused with natural plant extracts, including kava root, to launch the visionary brand Psychedelic Water in 130 stores and online. The partnership between Psychedelic Water and Urban Outfitters signifies a strategic alignment between two lifestyle-focused entities, capitalizing on a shared customer base and promoting the normalization of psychedelics.
The kava root extract market is segmented:
1) By Type: Kava Root Powder Extract, Kava Root Liquid Extract
2) By Nature: Organic, Conventional
3) By Application: Food And Beverage, Cosmetics And Personal Care, Pharmaceuticals, Other Applications
North America was the largest region in the kava root extract market in 2022.
The table of contents in TBRC’s kava root extract market report includes:
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Top 5 Major Key Players Are:
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The Business Research Company is a market intelligence firm that pioneers in market, company, and consumer research. TBRC’s specialist consultants are located globally and are experts in a wide range of industries that include healthcare, manufacturing, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries. Through the report businesses can gain a thorough understanding of the market’s size, growth rate, major drivers and leading players.
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